Speech

Queen's Speech - Equitable Life Payments Scheme Bill

This speech was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

Notes on: "Legislation will reform the framework for financial services Regulation and implement the Government's commitment to make fair and transparent payments to Equitable Life policyholders."

The purpose of the Bill

  • Give HM Treasury statutory authority to incur expenditure in making payments to Equitable Life policyholders.

The main benefits of the Bill

  • To make it possible to make payments to Equitable Life policyholders and other individuals (e.g. former policyholders) who have suffered losses due to Government maladministration.

The main elements of the Bill

  • Give HM Treasury statutory authority to incur expenditure in making payments to Equitable Life policyholders.

Devolution

All provisions in the Bill are reserved.